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Crypto miners moved over $300 million of bitcoin in one day - superadmin - 07-19-2022 Crypto miners moved over $300 million of bitcoin in one day, and some are dropping out altogether New data from blockchain analytics firm CryptoQuant shows that miners are rapidly exiting their bitcoin positions. 14,000 bitcoin, or more than $300 million at its current price, was transferred out of wallets belonging to miners in a single day — and in the last few weeks, miners have offloaded the largest amount of bitcoin since Jan. 2021. New data from blockchain analytics firm CryptoQuant shows that miners are rapidly exiting their bitcoin positions. 14,000 bitcoin, worth more than $300 million at its current price, was transferred out of wallets belonging to miners in a single 24-hour period at the end of last week — and in the last few weeks, miners have offloaded the largest amount of bitcoin since Jan. 2021. The phenomenon is called “miner capitulation,” and it typically indicates that miners are preparing to sell their previously mined coins in order to cover ongoing mining expenses. Bitcoin is currently trading around $21,600, up about 3% in the last 24 hours. Still, the wider crypto market has been in a slump for months, with bitcoin down nearly 70% from its all-time high of around $69,000 in Nov. 2021. Meanwhile, inflation is on a tear, and the cost of energy is hitting record highs as the war between Russia and Ukraine rages on. - More -